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The U.S. Dollar and U.S. Treasury Bonds both surged on November 1st, causing copper prices to potentially decline.

The U.S. Dollar and U.S. Treasury Bonds both surged, causing copper prices to potentially decline, with London copper closing down 0.24% overnight. The decrease in China’s manufacturing activity in October triggered market selling, leading to reduced trading in the spot market, which is expected to result in a copper price drop today.

The strength of the U.S. Dollar and U.S. Treasury Bonds exerted pressure on the base metal market, impacting the outlook for metal demand. London copper showed weakness with a small decline in overnight trading and closed at $8,119 per ton, down $20 or 0.24%. Trading volume decreased by 7,793 contracts to 16,042 contracts, and open interest decreased by 339 contracts to 268,717 contracts. In the evening, Shanghai copper traded with a slight downward trend, with the latest closing price of the main contract for December 2312 at 67,330 yuan per ton, down 100 yuan or 0.15%.

As of October 31st, the latest inventory of London Copper on the London Metal Exchange (LME) was 176,475 metric tons, a decrease of 1,925 metric tons or 1.08% compared to the previous trading day.

Copper futures in Shanghai opened lower in the morning, with the main contract for December 2312 opening at 67,300 yuan per ton, down 130 yuan. The decline in China’s manufacturing activity in October triggered market selling, and the already weak demand, coupled with reduced trading in the spot market, has made the situation even more sluggish. While recent increases in premiums have supported higher copper prices, they have also suppressed downstream buying sentiment. As a result, copper prices are expected to remain weak in the short term, and buying on dips is the primary strategy, with expectations of a decline in copper prices today.

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